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21 hours and counting: Cruz crusade against Obamacare continues on Senate ... - NBCNews.com Posted: 25 Sep 2013 08:59 AM PDT By Michael O'Brien, Carrie Dann and Andrew Rafferty, NBC News For 21 hours and counting, Texas Sen. Ted Cruz has been standing and speaking on the Senate floor without so much as a bathroom break to interrupt his symbolic demonstration against Obamacare, but NBC News has learned that he plans on leaving the floor at noon Wednesday. There is no sign that the weary Cruz is prepared to end his marathon speaking session until the Senate reconvenes around noon Wednesday for a vote he cannot prevent. Senate officials and Cruz' senior staff tell NBC News that Cruz has not left the Senate floor, has not been seated and has had just a few nibbles to eat. He has had short breaks from speaking only to allow a handful of friendly colleagues to ask him long questions. Wearing black sneakers instead of his trademark cowboy boots, Cruz has paced the floor while others spoke to stretch his legs. Texas Senator Ted Cruz reads two bedtime stories to his daughters at home and likens Obamacare to "Green Eggs and Ham" But for all the posturing, his effort amounts to little more than a very, very long speech. The display is not formally considered a filibuster because it is not being used to stop legislation – in this case a bill that would continue to fund the government. The Senate will still proceed with a vote, scheduled for about 1:00pm on Wednesday, to take up legislation passed last week by Republicans in the House which would prevent a government shutdown but also contains provisions to stop funding the Affordable Care Act. Cruz is protesting the bill because Senate rules would allow Democrats to strip the part that would defund Obamacare. When he took to the Senate floor just after 2:41 p.m. on Tuesday, Cruz vowed to speak in opposition to the Affordable Care Act "until I am no longer able to stand." And speak he did, all through the night. Cruz read Dr. Seuss' "Green Eggs and Ham" as he wished his children goodnight from the Capitol. He professed his love for White Castle burgers, talked about Star Wars and the moon and even commended actor Ashton Kutcher for a recent award show speech. Between the padding, the freshman senator dipped into long monologues about his fierce opposition to President Barack Obama's health care law. Because of Majority Leader Harry Reid's move Monday to schedule a test vote on government funding for Wednesday morning, Cruz can't do anything on his own procedurally to delay the timing of that vote. And as Cruz spoke, Reid aide Adam Jentleson tweeted that the Republican "pre-negotiated the terms of his #fakefilibuster with Senator Reid yesterday. Not exactly a Mr. Smith moment." When asked how long he planned to speak, Cruz offered a wry response to reporters on Capitol Hill: "We shall see." If Cruz managed to keep at least 60 of his fellow senators from supporting that Wednesday vote, he could prevent cutting off debate on the budget bill – and that would be a filibuster. Sen. Ted Cruz, R-Texas, talks about difficult situations that Americans have faced during his Tuesday speech on the Senate floor against the Affordable Care Act. Cruz wants that procedural vote to fail, because – if the final government funding bill subsequently passed, Democrats would simply strip out the part of the legislation that deals with Obamacare, kicking the clean bill back to the House. But Cruz has only a few allies in that attempt. Some of those supporters, Republican Sens. Mike Lee, David Vitter, Pat Roberts, Jeff Sessions, Marco Rubio, Jim Inhofe, and Mike Enzi had visited the Senate floor to ask their colleague a question, a tactic that allowed Cruz a temporary break from speaking. Kentucky Republican Sen. Rand Paul, who in March held a 13-hour filibuster, also took to the Senate floor to ask if Cruz would accept any sort of compromise that keeps the government open while revising the health care law. Republicans "don't control all the government" Paul said while asking Cruz if he intended to shut down the government. Cruz said he did not want to shut down the government, but would not be open to a middle ground and "will not vote for a continuing resolution that does not defund 'Obamacare.'" Paul actually privately opposed Cruz's approach to the stopgap spending measure during a meeting with other GOP senators on Tuesday. Sources told NBC News that Paul joined with Minority Leader Mitch McConnell, R-Ky., to help hasten the return of the spending measure to the House to give colleagues in the lower chamber more time to figure out how to proceed. But most senior Republicans, including McConnell, will not be coming to Cruz's aid. They have said they will vote to cut off debate - which would enable Democrats to strip the provision to defund Obamacare, but - more importantly - also allow the process of reaching an agreement to fund the government to move forward. On that note, Reid said Tuesday that he would seek to move forward with legislation to fund the government through mid-November, a more modest time frame than had initially been sought by lawmakers. Senator Ted Cruz, R-Texas, speaks on the Senate floor Tuesday, vowing to deliver a long speech against the Affordable Care Act. The political appeal, though, of a long speech – filibuster or no – is undeniable. Paul earned the adulation of conservatives for the filibuster he waged against the Obama administration's national security practices and its use of drones. Paul's effort back in March to hold up the president's nominee to lead the CIA was the first time the tactic had been used since 2010. "We saw something incredible happen at that time...and it transformed the debate," Cruz said Tuesday, commending Paul's effort. Cruz, like Paul, has possible designs on the Republican presidential nomination in 2016, and his speech against Obamacare – the program so hated by conservatives – could help endear him to the party's base. NBC News' Kelly O'Donnell and Matthew DeLuca contributed to this report. This story was originally published on Tue Sep 24, 2013 9:14 PM EDT |
Treasury Warns of Potential Default by Mid-October - New York Times Posted: 25 Sep 2013 08:05 AM PDT By ANNIE LOWREYPublished: September 25, 2013Washington — The Treasury will only have $30 billion of cash on hand by mid-October, putting the United States on the precipice of an unprecedented default, the department said on Wednesday. The warning puts additional pressure on a hamstrung Congress, which is already struggling to prevent the federal government from shutting down over a budget impasse on Oct. 1. In a letter to Speaker John A. Boehner of Ohio, Treasury Secretary Jacob J. Lew warned that a single day's net expenditures can be as high as $60 billion. On any given day after that mid-October deadline, money going out might overwhelm money coming in plus cash on hand. That means that until Congress lifts its statutory debt ceiling, the Treasury could miss or be forced to delay paying some of its bills. Such an event would be unprecedented, and financial analysts anticipate a violent market reaction that might raise federal borrowing costs, slow the recovery and destabilize markets around the world. The House recently passed legislation that would order Treasury to prioritize payments to bondholders — an action meant to soothe the markets in the event of a debt-ceiling crisis. But the Obama administration has rejected that idea and refused to negotiate over the debt limit more broadly. "The United States should never have to choose, for example, whether to pay Social Security to seniors, pay benefits to our veterans, or make payments to state and local jurisdictions and health care providers under Medicare and Medicaid," Mr. Lew wrote. "There is no way of knowing the damage any prioritization plan would have on our economy and financial markets. It would represent an irresponsible retreat from a core American value: We are a nation that honors all of its commitments," he added. But Republicans are currently debating what legislation to tie to raising the debt ceiling, such as defunding the Affordable Care Act or new spending cuts. That has set up a second showdown over budget and financial issues. "The president remains willing to negotiate over the future direction of fiscal policy, but he will not negotiate over whether the United States will pay its bills for past commitments," Mr. Lew said. "Extending borrowing authority does not increase government spending; it simply allows the Treasury to pay for expenditures Congress has already approved." The potential costs from a debt-ceiling default might dwarf the costs associated with a government shutdown. The Bipartisan Policy Center, a Washington research group, has estimated that market concern over the potential of a default in 2011 cost nearly $19 billion over 10 years. The United States hit its statutory borrowing limit of about $16.7 trillion on May 19, meaning that Treasury could no longer issue new debt to pay the government's bills. With the government running in the red, the Treasury has used a series of "extraordinary measures" to free up about $300 billion in cash. But those measures buy it only so much time. In the letter, Mr. Lew set Oct. 17 as the effective deadline for Congressional action: after that date, the country would be at severe risk of missing or defaulting on some of its payments every day going forward. The Treasury makes more than 80 million individual payments a month. After exhausting its extraordinary measures, it would miss about 30 percent of those payments until Congress raised the ceiling again. According to the Bipartisan Policy Center, the Treasury is facing a $12 billion Social Security payment on Oct. 23 and a $6 billion interest payment on the public debt on Oct. 31. On Nov. 1 alone, it needs to spend $18 billion on Medicare, $25 billion on Social Security, $12 billion on military pay and veterans benefits and $3 billion on the Supplemental Security Income program. |
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